Barclay Estates Limited - Limited company accounts 11.4

REGISTERED NUMBER: 03665393 (England and Wales)

Report of the Director and

Unaudited Financial Statements for the Year Ended 31 December 2013

for

Barclay Estates Limited

Page

Company Information

1

Report of the Director

2

Profit and Loss Account

3

Statement of Total Recognised Gains and Losses

4

Balance Sheet

5

Notes to the Financial Statements

7

DIRECTOR:

P Fernback

SECRETARY:

S Jones

REGISTERED OFFICE:

34 St George Street

Mayfair

London

W1S 2ND

REGISTERED NUMBER:

03665393 (England and Wales)

The director presents his report with the financial statements of the company for the year ended 31 December 2013.

DIRECTOR

P Fernback held office during the whole of the period from 1 January 2013 to the date of this report.

GOING CONCERN

Barclay Estates Limited, being part of the Barclay Group Limited, continues to grow and invest in new acquisitions.

The group has loans with a term until June 2016 and is within all of its bank covenants.The Group has hedged most of its

interest rate risk.

The risks to the Barclay Group are that of interest rates, decreases in property values and loss of tenants.

The company has sufficient financial resources for its operations and as a consequence, the directors believe that the

company is well placed to manage its business risks despite the current uncertain economic outlook. The directors have a

reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable

future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating

to small companies.

ON BEHALF OF THE BOARD:

P Fernback - Director

30 September 2014

TURNOVER

384,229

765,410

Cost of sales

118,418

223,619

GROSS PROFIT

265,811

541,791

Administrative expenses

72,901

260,154

192,910

281,637

Other operating income

2

-

(2,011

)

OPERATING PROFIT

3

192,910

279,626

Interest receivable and similar income

1,104

849

194,014

280,475

Interest payable and similar charges

94,182

139,297

PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION

99,832

141,178

Tax on profit on ordinary activities

4

(459

)

18,936

PROFIT FOR THE FINANCIAL YEAR

100,291

122,242

PROFIT FOR THE FINANCIAL YEAR

100,291

122,242

Unrealised deficit on revaluation of properties

(1,695,000

)

(100,000

)

TOTAL RECOGNISED GAINS AND LOSSES RELATING TO THE YEAR

(1,594,709

)

22,242

FIXED ASSETS

Tangible assets

5

2,149,361

3,846,529

CURRENT ASSETS

Debtors

6

2,441,568

2,257,079

Cash at bank

160

100,391

2,441,728

2,357,470

CREDITORS

Amounts falling due within one year

7

1,747,648

1,765,849

NET CURRENT ASSETS

694,080

591,621

TOTAL ASSETS LESS CURRENT LIABILITIES

2,843,441

4,438,150

CREDITORS

Amounts falling due after more than one year

8

2,250,000

2,250,000

NET ASSETS

593,441

2,188,150

CAPITAL AND RESERVES

Called up share capital

9

4

4

Revaluation reserve

10

542,289

2,237,289

Profit and loss account

10

51,148

(49,143

)

SHAREHOLDERS' FUNDS

593,441

2,188,150

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2013.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2013 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the director on 30 September 2014 and were signed by:

P Fernback - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of investment properties and in accordance with the Financial Reporting Standard for Smaller Entities (effective

April 2008).

Turnover

Turnover comprises revenue recognised by the company in respect of its principal activities during the year,

exclusive of Value Added Tax and trade discounts.

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated

to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful

lives on the following basis:

Plant & machinery 10% straight line

Cash flow

The financial statements do not include a Cash Flow Statement because the company, as a small reporting entity,

is exempt from the requirement to prepare such a statement under the Financial Reporting Standard for Smaller

Entities (effective April 2008).

2.	OTHER OPERATING INCOME

Period

1.9.11

Year Ended

to

31.12.13

31.12.12

£

£

(Write Off)/Back Inter company balances

-

(2,011

)

During the previous year the company agreed to write off intercompany balances due to companies under the

control of Mr Alan Fernback.

3.	OPERATING PROFIT

The operating profit is stated after charging:

Period

1.9.11

Year Ended

to

31.12.13

31.12.12

£

£

Depreciation - owned assets

2,168

3,252

Pension costs

65,000

55,000

Director's remuneration and other benefits etc

65,000

55,000

During the year the company made a contribution to the directors defined contribution pension scheme of

£65,000 (2012: £55,000).

4.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the profit on ordinary activities for the year was as follows:

Period

1.9.11

Year Ended

to

31.12.13

31.12.12

£

£

Current tax:

UK corporation tax

(459

)

18,936

Tax on profit on ordinary activities

(459

)

18,936

5.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST OR VALUATION

At 1 January 2013

3,840,000

21,680

3,861,680

Revaluations

(1,695,000

)

-

(1,695,000

)

At 31 December 2013

2,145,000

21,680

2,166,680

DEPRECIATION

At 1 January 2013

-

15,151

15,151

Charge for year

-

2,168

2,168

At 31 December 2013

-

17,319

17,319

NET BOOK VALUE

At 31 December 2013

2,145,000

4,361

2,149,361

At 31 December 2012

3,840,000

6,529

3,846,529

The 2013 valuations were made by Hitchcock Wright and Partners, Chartered Surveyors, on an open market

value for existing use basis.

Cost or valuation at 31 December 2013 is represented by:

Freehold

Plant and

property

machinery

Totals

£

£

£

Valuation in 2009

5,890,000

21,680

5,911,680

Valuation in 2010

(1,950,000

)

-

(1,950,000

)

Valuation in 2012

(100,000

)

-

(100,000

)

Valuation in 2013

(1,695,000

)

-

(1,695,000

)

2,145,000

21,680

2,166,680

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.13

31.12.12

£

£

Trade debtors

109,033

26,990

Other debtors

19,667

30,666

Amounts owed by group undertakings

1,207,268

964,336

Amount owed by related parties

1,073,493

1,209,450

Prepayments and accrued income

32,107

25,637

2,441,568

2,257,079

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.13

31.12.12

£

£

Bank loans and overdrafts

68,298

1,606

Trade creditors

49,305

41,419

Amounts owed to group undertakings

83,322

50,505

Tax

13,699

14,158

VAT

9,639

98,130

Other creditors

11,046

7,918

Pension Creditor

317,942

317,942

Amount owed to related parties

251,361

254,316

Accruals and deferred income

943,036

979,855

1,747,648

1,765,849

The company has an agreed overdraft facility with the bank of £75,000.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.13

31.12.12

£

£

Bank loans - 2-5 years

2,250,000

2,250,000

The bank loan is secured by a first legal mortgage charge over the investment properties and a fixed charge over

the assets of the company.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.13

31.12.12

value:

£

£

4

Ordinary Shares

1.00

4

4

10.

RESERVES

Profit

and loss

Revaluation

account

reserve

Totals

£

£

£

At 1 January 2013

(49,143

)

2,237,289

2,188,146

Profit for the year

100,291

100,291

Reval reserve of FA in period

-

(1,695,000

)

(1,695,000

)

At 31 December 2013

51,148

542,289

593,437

11.	RELATED PARTY DISCLOSURES

At the year end, the company was owed/(owed) the following amounts, from/to companies which are owned and

controlled by a close family relative of Mr P Fernback.

2013

2012

£

£

Centaur Property Investments Limited

7,005

17,628

Alpenmile Limited

-

8,215

Centaur Property Company Limited

5,223

5,223

Centaur Property Estates Limited

(251,361

)

(254,316

)

Centaur Property Group Limited

8,998

7,487

At the year end the company was owed the following amounts from the following entities which Mr P Fernback

is a member.

2013

2012

£

£

Centaur Property Trading LLP

4,000

4,000

Barclay Property Trading LLP

100,000

134,521

Champion Properties LLP

-

6,700

Scaffolding Hire & Plant LLP

19,667

30,667

At the year end the company was owed/(owed) the following amounts from/to companies in which Mr P

Fernback is a director.

2013

2012

£

£

Barclay Group Limited

(50,505

)

(50,505

)

Barclay Commercial Investments Ltd

215,000

-

Barclay Home Investments Limited

89,285

111,782

PSF Developments Limited

(32,817

)

-

Barasti Investments Limited

101

8,500

Blue Marlin Limited

843,554

852,554

At the year end the company was owed £948,267 (2012: £1,017,175) from Wentworth Trading LLP, a

partnership of which Barclay Estates Limited is a member.

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the director, Paul Fernback.

The parent undertaking is Barclay Group Limited, a company incorporated in England and Wales.